Electricity rates in P.E.I. are going up

Jim Day
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Maritime Electric

Electricity rates are going up.

IRAC approved a 2.3 per cent annual rate increase Monday for each of the next three years.

The utility estimates this will be an increase of about $2.60 a month.

The increase is effective for meter readings beginning on or after today.

Mark Lanigan, director of corporate services with IRAC, says any "over earnings'' by Maritime Electric must be reported annually to IRAC.

If considerable, over earnings must be set aside and applied to customer costs during the next round of negotiations.

The joint application of Maritime Electric and the P.E.I. government proposed to increase electricity rates incrementally over the next three years.

IRAC delivered a written ruling.

Maritime Electric vice-president John Gaudet told The Guardian last week that the rate hike was sought to offset a myriad of costs, from escalating energy supply contracts to inflationary costs.

Maritime Electric gave a final push for proposed rate hikes Thursday.

A team consisting of top management and even a couple lawyers sat before IRAC to offer a detailed explanation of the utility's application for a new General Rate Agreement.


Organizations: Maritime Electric, The Guardian

Geographic location: P.E.I.

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Recent comments

  • Bob
    March 01, 2016 - 14:26

    What a bunch of BS.Time for them to start paying for things out of their profits.Maritime Electric should be government owned since we pay for ever thing anyway.

    March 01, 2016 - 14:24

    Of course it is going up. Not justified but going up anyway, because IRAC works for the PEI Government who it appears, work for and under the direction of the oil and electric companies.

  • olddog70
    March 01, 2016 - 12:38

    Did anyone expect any different? If so can I sell you a bridge?

  • electrified
    March 01, 2016 - 11:39

    Just wonder what the salaries are that these top management people at Maritime Electric are pulling in and the bonuses that are tied to company profits ???? Just keep seeing Maritime Electric trucks always in pairs with at least 6-10 men working at same location for weeks at a time. They were at the corner of Kinlock/Keppoch almost every day for at least six months last year !!!

  • Jimmy
    March 01, 2016 - 11:13

    While traveling in Miami this week I read an interesting article stating that Miami residents power bill will be going down once again this year. The article went on to say that Miami residents pay less for electricity today than they did 10 years ago. It made me wonder what Fortis is doing so differently that our residents are consistently seeing rate increases year after year. Perhaps is Fortis did not have a monopoly on the electricity utility on PEI we would see slightly different results. http://www.prnewswire.com/news-releases/fpl-files-to-reduce-rates-again--bills-down-more-than-10-percent-compared-with-10-years-ago-300136885.html

  • Alberta Energy Consultant
    March 01, 2016 - 10:47

    Deregulate the island's market already! As an island who transplanted west it is apparent the importance of a deregulated market. Give Maritime Electric some competition already. They are owned by Fortis who is one of the biggest distributors in AB, and until the market opens up Islanders can be charged whatever they feel. In Alberta before deregulation consumers were called ratepayers...now we can call ourselves whatever we want!

  • Fed up
    March 01, 2016 - 10:40

    That IRAC group should be FIRED!! Giving permission for this!! Also gas and oil increase...WHEN OIL AT ITS CHEAPEST!! It's easy to see they are sitting there drawing big salaries and not giving a d--n for the rest of us struggling to make ends meet. Next it will be that Wade increasing HST which puts all this UP SOME MORE!! It's disgusting....

  • Billy
    March 01, 2016 - 09:19

    Is that 2.60 per month for the three years and does it include hst. I think not! This increase certainly keeps PEI having the highest rates in Canada and probably the highest rate for shareholders. How can they predict inflation costs for the next three years.

  • bsea macd
    March 01, 2016 - 08:42

    bad timing with food price skyrocketing .why cant the people we elect put costs to taxpayers down for a change .fixed incomers and low wage earners will feel this bite. Canada like the USA need political revolt. politicans beware

  • don
    March 01, 2016 - 06:56

    talk about getting screwed well the government electric company is doing a good job. we have to donate the money for the new cable then the power company ups the rate so they can cover the cost of the extra high cost of oil and cable. but i am sure the investors loves it. i would like to know how many government mla's etc have shares in this company. but soon enough all the money in the world will not help them as money will not buy your way in to heaven when the nuts sends over the big bomb.

  • Brutus
    March 01, 2016 - 06:53

    This is absurb there is no need to let maritime electric do this and IRAC should be canned just goes to show that the government really needs this to pay off there major debt. Buckle up PEI everything is going up and the wages aren't there.

  • Wow
    March 01, 2016 - 06:30

    We moved here to retire as housing is affordable and the quality of life, we thought, would be good. PEI electricity us double or triple some other areas, food costs are extremely high and you are taxed to death. I know I am from away but I'm, at least tax wise, one of you now. We must demand a stop to all of this. Screw ups and political cover ups are being floated on our backs.